Deadline extended

Sidara gets more time to consider £1.6bn Wood bid

Wood Group
Wood Group has knocked back a series of takeover approaches

Wood Group suitor Sidara has been granted an extension to the deadline for deciding whether or not to make a formal takeover offer for the Aberdeen business.

The Takeover Panel has agreed to a new deadline of 5pm on 31 July after the Dubai-based group said it requires more time to finalise due diligence and other preparations.

Earlier this month Wood’s board gave Sidara access to due diligence materials as it considers whether to formalise a bid on the same terms as its final proposal of 230p per share, valuing the energy services company at about £1.6 billion.

This fourth proposal by Dar Al-Handasah Consultants Shair and Partners, trading as Sidara, was announced on 29 May.

In a statement to the stock exchange just before today’s 5pm deadline, Wood said: “Sidara has recently notified the board that it requires more time to finalise its due diligence and other preparations.

“Accordingly, the board has requested, and the Panel on Takeovers and Mergers has consented, to an extension to the date by which Sidara is required either to announce a firm intention to make an offer for Wood… or to announce that it does not intend to make an offer.”

This deadline can be further extended by the board of Wood, with the consent of the Takeover Panel.

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